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Petrus Resources announces 2nd lien term loan expansion, extension to credit center and third quarter 2020 money spending plan

Petrus Resources announces 2nd lien term loan expansion, extension to credit center and third quarter 2020 money spending plan

16, 2020 Globe Newswire july

CALGARY, Alberta – Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX: PRQ) is happy to announce the concurrent expansion of their 2nd lien term loan (“Term Loan”) and Revolving Credit center (“RCF”) and also the conclusion of this RCF lenders’ 2020 annual review. The Company’s board of directors in addition has authorized its 3rd quarter 2020 money spending plan.

2ND LIEN TERM LOAN EXTENSION Petrus has entered into an amending contract with Macquarie Bank restricted to extend the $35 million Term Loan maturity date to July 31, 2021. The attention price in the Term Loan balance will likely be updated to be the Canadian https://speedyloan.net/personal-loans-va Dealer Offered Rate (“CDOR”) plus 975 foundation points. All the interest should be produced by method of paymentinkind (“PIK”) and included with the outstanding stability associated with the Term Loan in place of payment per month of money interest. The definition of Loan extension comes with the elimination of the Total financial obligation to EBITDA ratio plus the Proved and PDP resource Coverage Ratios from the monetary covenants. Ler mais